Nov. 20--Chicago's Magnificent Mile is the eighth most expensive shopping street in the Americas, according to a ranking released this week, slipping from sixth place last year as its rents remained unchanged.
North Michigan Avenue prime retail rents were $485 per square foot in September, according to the report from brokerage Cushman and Wakefield, which puts out an annual ranking of the world's priciest retail streets. While it's the priciest retail real estate in Chicago -- the only other two Chicago streets listed were Oak Street, at $315 per square foot, and State Street, at $150 per square foot -- it offers a relative bargain compared with New York.
Rents on New York's Upper Fifth Avenue grew 13 percent from the prior September to reach $3,500 per square foot, claiming the title of world's costliest retail destination from Hong Kong's Causeway Bay, which saw its rents fall.
Four New York shopping streets -- Upper Fifth Avenue, Lower Fifth Avenue, Madison Avenue and Times Square -- topped off the list of expensive U.S. streets. They were followed by Rodeo Drive in Beverly Hills ($675, up 13.4 percent), Union Square in San Francisco ($650, up 30 percent) and San Francisco's Post Street ($495, up 16.5 percent).
The Americas showed the strongest regional growth in the world, with prime rents increasing 5.8 percent, thanks mostly to Mexico and the U.S., according to the report. Globally, prime retail rents grew by an average of 2.4 percent.
aelejalderuiz@tribpub.com
